SBI Digital Markets, the cryptocurrency-focused arm of SBI Holdings, is looking to strengthen its roots in South Korea with the appointment of a former Bank of Korea executive.
According to a July 10 announcement, Jai Yung Byun has been appointed as principal consultant to aid in the firm’s South Korean expansion.
Winston Quek, CEO of SBI Digital Markets, expressed optimism over Byun’s appointment, emphasizing Byun’s extensive experience and deep understanding of the Korean market.
Byun previously served the nation’s central bank in several leading roles, including head of international policy planning and foreign exchange analysis.
Additionally, Byun was chief representative at the Bank of Korea’s Washington D.C. Representative Office. He will advise on business development and regulatory strategies.
Byun has been advising SBI Digital Markets since 2023 and previously served as the South Korean country manager for financial services giant Northern Trust.
“His expertise has been instrumental in navigating the intricate landscape of the Korean market,” the announcement stated.
SBI Holdings, a Japanese financial conglomerate, has cemented itself within the cryptocurrency sector over the past years.
SBI is a partner of blockchain payments firm Ripple and recently ventured into security token offerings with South Korea’s Kyobo Life Insurance Group.
Last year, SBI partnered with stablecoin issuer Circle to offer USDC in Japan and announced plans for ‘SBI Middle East’ to support Japanese digital asset startups entering Saudi Arabian markets.
In May, SBI tapped into the sports fan token market by partnering with sports blockchain provider Chiliz.
